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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

þ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  For the quarterly period ended September 30, 2021  

 

o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  For the transition period from ________ to ________.  

 

Commission file number 1-12711

 

AULT GLOBAL HOLDINGS, INC. 

(Exact name of registrant as specified in its charter)

 

Delaware 94-1721931
(State or other jurisdiction of incorporation or
organization)
 (I.R.S. Employer Identification Number)

 

 

11411 Southern Highlands Pkwy #240

Las Vegas, NV 89141

(Address of principal executive offices) (Zip code)

 

(949) 444-5464

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Class A Common Stock, $0.001 par value   DPW   NYSE American

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding year (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  þ    No  ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  þ    No  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  ¨ Accelerated filer  ¨
Non-accelerated filer  þ Smaller reporting company  þ
Emerging growth company  ¨  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  þ

 

At November 18, 2021 the registrant had outstanding 81,924,987 shares of common stock.

 

 

 

  
 

 

AULT GLOBAL HOLDINGS, INC.

TABLE OF CONTENTS

 

      Page
PART I – FINANCIAL INFORMATION  
       
Item 1.   Financial Statements (Unaudited)  
       
    Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 F-1
       
    Condensed Consolidated Statements of Operations and Comprehensive Loss for the
three and nine months ended September 30, 2021 and 2020
F-3
       
    Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three
and nine months ended September 30, 2021 and 2020
F-4
       
    Condensed Consolidated Statements of Cash Flows for the nine months ended
September 30, 2021 and 2020
F-8
       
    Notes to Condensed Consolidated Financial Statements F-10
       
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations 1
       
Item 3.    Quantitative and Qualitative Disclosures about Market Risk 14
       
Item 4.   Controls and Procedures 14
       
PART II – OTHER INFORMATION  
       
Item 1.   Legal Proceedings 16
Item 1A.   Risk Factors 18
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 18
Item 3.   Defaults Upon Senior Securities 18
Item 4.   Mine Safety Disclosures 18
Item 5.   Other Information 18
Item 6.   Exhibits 19

 

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that involve a number of risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “goals,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” “will,” “would,” “should,” “could,” and variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, uncertain events or assumptions, and other characterizations of future events or circumstances are forward-looking statements. Such statements are based on management’s expectations as of the date of this filing and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include those described throughout this report and our Annual Report on Form 10-K for the year ended December 31, 2020, particularly the “Risk Factors” sections of such reports. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Form 10-Q and in other documents we file from time to time with the Securities and Exchange Commission that disclose risks and uncertainties that may affect our business. The forward-looking statements in this Form 10-Q do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that had not been completed as of the date of filing of this Quarterly Report on Form 10-Q. In addition, the forward-looking statements in this Form 10-Q are made as of the date of this filing, and we do not undertake, and expressly disclaim any duty to update such statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure may be required by law.

 

  
 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS 

(Unaudited)

 

             
   September 30,   December 31, 
   2021   2020 
ASSETS          
           
CURRENT ASSETS          
Cash and cash equivalents  $44,047,000   $18,680,000 
Marketable equity securities   49,931,000    2,563,000 
Accounts receivable   5,115,000    3,852,000 
Accounts and other receivable, related party   1,196,000    1,196,000 
Accrued revenue   1,857,000    1,696,000 
Inventories   3,842,000    3,374,000 
Prepaid expenses and other current assets   7,987,000    2,988,000 
TOTAL CURRENT ASSETS   113,975,000    34,349,000 
           
Intangible assets, net   4,069,000    4,390,000 
Goodwill   9,606,000    9,646,000 
Property and equipment, net   29,550,000    2,123,000 
Right-of-use assets   5,201,000    4,318,000 
Investment in promissory notes, related parties   19,194,000    10,668,000 
Investments in common stock and warrants, related parties   24,911,000    6,139,000 
Investments in debt and equity securities   9,924,000    262,000 
Investment in limited partnership   1,869,000    1,869,000 
Loans receivable   5,877,000    750,000 
Other investments, related parties   780,000    803,000 
Other assets   765,000    326,000 
TOTAL ASSETS  $225,721,000   $75,643,000 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
CURRENT LIABILITIES          
Accounts payable and accrued expenses  $9,361,000   $10,579,000 
Accounts payable and accrued expenses, related party   26,000    36,000 
Operating lease liability, current   1,014,000    524,000 
Revolving credit facility   -    125,000 
Notes payable, net   1,697,000    4,048,000 
Notes payable, related parties   -    188,000 
Convertible notes payable, related party   -    400,000 
Warrant liability   4,322,000    4,192,000 
Other current liabilities   3,608,000    1,790,000 
TOTAL CURRENT LIABILITIES   20,028,000    21,882,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 

 

 F-1 
 

 

AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

(Unaudited)

 

             
   September 30,   December 31, 
   2021   2020 
LONG-TERM LIABILITIES          
Operating lease liability, non-current   4,265,000    3,855,000 
Notes payable   -    336,000 
Notes payable, related parties   -    52,000 
Convertible notes payable   447,000    386,000 
           
TOTAL LIABILITIES   24,740,000    26,511,000 
           
COMMITMENTS AND CONTINGENCIES          
           
STOCKHOLDERS’ EQUITY          
Series A Convertible Preferred Stock, $25.00 stated value per share,   -    - 
   $0.001 par value – 1,000,000 shares authorized; 7,040 shares          
   issued and outstanding at September 30, 2021 and December 31, 2020          
   (redemption amount and liquidation preference of $176,000 as of          
   September 30, 2021 and December 31, 2020)          
Series B Convertible Preferred Stock, $10 stated value per share,   -    - 
   share, $0.001 par value – 500,000 shares authorized; 125,000 shares issued          
   and outstanding at September 30, 2021 and December 31, 2020 (liquidation          
   preference of $1,250,000 at September 30, 2021 and December 31, 2020)          
Class A Common Stock, $0.001 par value – 500,000,000 shares authorized;   63,000    28,000 
  63,346,921 and 27,753,562 shares issued and outstanding at September 30, 2021          
   and December 31, 2020, respectively          
Class B Common Stock, $0.001 par value – 25,000,000 shares authorized;   -    - 
 nil shares issued and outstanding at September 30, 2021 and December 31, 2020          
Additional paid-in capital   331,886,000    171,396,000 
Accumulated deficit   (120,066,000)   (121,396,000)
Accumulated other comprehensive loss   (9,631,000)   (1,718,000)
Treasury stock, at cost   (2,773,000)   - 
TOTAL AULT GLOBAL HOLDINGS STOCKHOLDERS’ EQUITY   199,479,000    48,310,000 
           
Non-controlling interest   1,502,000    822,000 
           
TOTAL STOCKHOLDERS’ EQUITY   200,981,000    49,132,000 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $225,721,000   $75,643,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 

 

 F-2 
 

 

AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)

 

                             
   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2021   2020   2021   2020 
                 
Revenue  $7,803,000   $5,705,000   $24,272,000   $16,709,000 
Revenue, cryptocurrency mining   272,000    -    693,000    - 
Revenue, lending and trading activities   (38,869,000)   (29,000)   19,615,000    (27,000)
Total revenue   (30,794,000)   5,676,000    44,580,000    16,682,000 
Cost of revenue   5,271,000    3,736,000    16,657,000    11,085,000 
Gross profit (loss)   (36,065,000)   1,940,000    27,923,000    5,597,000 
                     
Operating expenses                    
Research and development   524,000    469,000    1,657,000    1,372,000 
Selling and marketing   1,993,000    260,000    4,740,000    893,000 
General and administrative   11,292,000    2,836,000    24,376,000    8,656,000 
Total operating expenses   13,809,000    3,565,000    30,773,000    10,921,000 
                     
Loss from continuing operations   (49,874,000)   (1,625,000)   (2,850,000)   (5,324,000)
Other income (expenses)                    
Interest income   125,000    102,000    176,000    139,000 
Accretion of discount on note receivable, related party   4,210,000    -    4,210,000    - 
Interest expense   (140,000)   (2,366,000)   (475,000)   (4,414,000)
Change in fair value of marketable equity securities   (750,000)   (29,000)   (705,000)   (58,000)
Realized gain on marketable securities   30,000    -    428,000    - 
Gain (loss) on extinguishment of debt   -    (12,823,000)   929,000    (13,298,000)
Change in fair value of warrant liability   259,000    -    (130,000)   (6,000)
Total other income (expenses), net   3,734,000    (15,116,000)   4,433,000    (17,637,000)
                     
Income (loss) from continuing operations before income taxes   (46,140,000)   (16,741,000)   1,583,000    (22,961,000)
Income tax (provision) benefit   3,366,000    6,000    (144,000)   18,000 
Net income (loss) from continuing operations   (42,774,000)   (16,735,000)   1,439,000    (22,943,000)
Net loss from discontinued operations, net of taxes   -    -    -    (1,698,000)
Net income (loss)   (42,774,000)   (16,735,000)   1,439,000    (24,641,000)
Net loss attributable to non-controlling interest   (96,000)   -    (93,000)   - 
Net income (loss) attributable to Ault Global Holdings   (42,870,000)   (16,735,000)   1,346,000    (24,641,000)
Preferred dividends   (4,000)   (3,000)   (13,000)   (10,000)
Net income (loss) available to common stockholders  $(42,874,000)  $(16,738,000)  $1,333,000   $(24,651,000)
Basic net income (loss) per common share:                    
Continuing operations  $(0.73)  $(1.69)  $0.03   $(3.40)
Discontinued operations   -    -    -    (0.25)
Net income (loss) per common share  $(0.73)  $(1.69)  $0.03   $(3.65)
                     
Diluted net income (loss) per common share:                    
Continuing operations  $(0.73)  $(1.69)  $0.03   $(3.40)
Discontinued operations   -    -    -    (0.25)
Net income (loss) per common share  $(0.73)  $(1.69)  $0.03   $(3.65)
                     
Weighted average basic common shares outstanding   58,987,000    9,879,000    49,714,000    6,759,000 
Weighted average diluted common shares outstanding   58,987,000    9,879,000    50,145,000    6,759,000 
Comprehensive loss                    
Net income (loss) available to common stockholders  $(42,874,000)  $(16,738,000)  $1,333,000   $(24,651,000)
Other comprehensive income (loss)                    
Foreign currency translation adjustment   (182,000)   44,000    (141,000)   (8,000)
Net unrealized gain (loss) on derivative securities of related party   (4,849,000)   1,561,000    (7,773,000)   1,080,000 
Other comprehensive income (loss)   (5,031,000)   1,605,000    (7,914,000)   1,072,000 
Total comprehensive loss  $(47,905,000)  $(15,133,000)  $(6,581,000)  $(23,579,000)

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 

 

 F-3 
 

 

AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

Three Months Ended September 30, 2021

 

 

                                           
   Series A & B           Additional       Other           Total 
   Preferred Stock   Common Stock   Paid-In   Accumulated   Comprehensive   Non-Controlling   Treasury   Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Loss   Interest   Stock   Equity 
                                         
BALANCES, July 1, 2021   132,040   $-    56,159,963   $56,000   $311,759,000   $(77,190,000)  $(4,600,000)  $1,364,000   $-   $231,389,000 
Issuance of common stock for restricted stock awards   -    -    449,373    -    -    -    -    -    -    - 
Stock-based compensation:                                                  
Options   -    -    -    -    1,794,000    -    -    -    -    1,794,000 
Restricted stock awards   -    -    -    -    2,312,000    -    -    -    -    2,312,000 
Issuance of stock options at Gresham Worldwide   -    -    -    -    -    -    -    42,000    -    42,000 
Issuance of common stock for cash   -    -    6,737,585    7,000    16,432,000    -    -    -    -    16,439,000 
Financing cost in connection with sales of common stock   -    -    -    -    (411,000)   -    -    -    -    (411,000)
Adjustment to treasury stock for holdings in investment
partnerships
   -    -    -    -    -    -    -    -    (2,773,000)   (2,773,000)
Comprehensive loss:                                                  
Net loss   -    -    -    -    -    (42,870,000)   -    -    -    (42,870,000)
Preferred dividends   -    -    -    -    -    (4,000)   -    -    -    (4,000)
Net unrealized gain on derivatives  in related party   -    -    -    -    -    -    (4,849,000)   -    -    (4,849,000)
Foreign currency translation adjustments   -    -    -    -    -    -    (182,000)   -    -    (182,000)
Net income attributable to non-controlling interest   -    -    -    -    -    -    -    96,000    -    96,000 
Other   -    -    -    -    -    (2,000)   -    -    -    (2,000)
                                                   
BALANCES, September 30, 2021   132,040   $-    63,346,921   $63,000   $331,886,000   $(120,066,000)  $(9,631,000)  $1,502,000   $(2,773,000)  $200,981,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 

 

 F-4 
 

 

AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

Three Months Ended September 30, 2020

 

 

                                       
   Series A & B           Additional       Other       Total 
   Preferred Stock   Common Stock   Paid-In   Accumulated   Comprehensive   Non-Controlling   Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Loss   Interest   Equity 
                                     
BALANCES, July 1, 2020   132,040   $    6,112,117   $6,000   $105,626,000   $(96,565,000)  $(6,044,000)  $8,000   $3,031,000 
Stock-based compensation:                                             
Options                   20,000                20,000 
Common stock           37,500        109,000                109,000 
Issuance of common stock for conversion                                             
  of debt           5,323,793    5,000    14,017,000                14,022,000 
Beneficial conversion feature in connection                                             
 with convertible notes                   15,000                15,000 
Fair value of warrants issued in connection                                             
 with convertible notes                    2,482,000                2,482,000 
Cash for exchange fees and other financing costs                   (25,000)               (25,000)
Comprehensive loss:                                             
Net loss                        (16,735,000)           (16,735,000)
Preferred dividends                       (3,000)           (3,000)
Net unrealized gain on derivatives                                             
  in related party                           1,561,000        1,561,000 
Foreign currency translation adjustments                           45,000        44,000 
Other                       1,000            1,000 
                                              
BALANCES, September 30, 2020   132,040   $    11,473,410   $11,000   $122,244,000   $(113,302,000)  $(4,439,000)  $8,000   $4,522,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 

 

 F-5 
 

 

AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

Nine Months Ended September 30, 2021

 

 

                                           
   Series A & B           Additional       Other           Total 
   Preferred Stock   Common Stock   Paid-In   Accumulated   Comprehensive   Non-Controlling   Treasury   Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Loss   Interest   Stock   Equity 
                                         
BALANCES, January 1, 2021   132,040   $-    27,753,562   $28,000   $171,396,000   $(121,396,000)  $(1,718,000)  $822,000   $-   $49,132,000 
Issuance of common stock for restricted stock awards   -    -    449,373    -    -    -    -    -    -    - 
Stock-based compensation:                                                  
Options   -    -    -    -    1,833,000    -    -    -    -    1,833,000 
Restricted stock awards   -    -    -    -    2,312,000    -    -    -    -    2,312,000 
Issuance of stock options at Gresham Worldwide   -    -    -    -    -    -    -    587,000    -    587,000 
Issuance of common stock for cash   -    -    34,684,910    35,000    160,448,000    -    -    -    -    160,483,000 
Financing cost in connection with sales of common
stock
   -    -    -    -    (4,952,000)   -    -    -    -    (4,952,000)
Adjustment to treasury stock for holdings in
investment partnerships
   -    -    -    -    -    -    -    -    (2,773,000)   (2,773,000)
Issuance of common stock for conversion                                      -    -    - 
  of convertible notes payable   -    -    183,214    -    449,000    -    -    -    -    449,000 
Issuance of common stock for conversion                                      -    -    - 
  of convertible notes payable, related party   -    -    275,862    -    400,000    -    -    -    -    400,000 
Comprehensive loss:                                      -    -    - 
Net income   -    -    -    -    -    1,346,000    -    -    -    1,346,000 
Preferred dividends        -    -    -    -    (13,000)   -    -    -    (13,000)
Net unrealized loss on derivatives in related party   -    -    -    -    -    -    (7,773,000)   -    -    (7,773,000)
Foreign currency translation adjustments   -    -    -    -    -    -    (141,000)   -    -    (141,000)
Net income attributable to non-controlling interest   -    -    -    -    -    -    -    93,000    -    93,000 
Other   -    -    -    -    -    (3,000)   1,000    -    -    (2,000)
                                                   
BALANCES, September 30, 2021   132,040   $-    63,346,921   $63,000   $331,886,000   $(120,066,000)  $(9,631,000)  $1,502,000   $(2,773,000)  $200,981,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 

 

 F-6 
 

 

AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

Nine Months Ended September 30, 2020

 

 

                           Accumulated         
   Series A & B           Additional       Other       Total 
   Preferred Stock   Common Stock   Paid-In   Accumulated   Comprehensive   Non-Controlling   Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Loss   Interest   Equity 
                                     
BALANCES, January 1, 2020   132,040   $-    3,318,390   $3,000   $101,099,000   $(88,650,000)  $(5,511,000)  $8,000   $6,949,000 
Stock based compensation:                                             
Options   -    -    -    -    61,000    -    -    -    61,000 
Common stock   -    -    102,500    -    182,000    -    -    -    182,000 
Issuance of common stock in payment of                                             
  short term advances, related party   -    -    660,667    1,000    739,000    -    -    -    740,000 
Issuance of common stock in payment of                                             
  accrued liabilities   -    -    153,124    -    229,000    -    -    -    229,000 
Issuance of common stock for conversion                                             
 of debt   -    -    7,238,729    7,000    16,704,000    -    -    -    16,711,000 
Beneficial conversion feature in connection                                             
 with convertible notes   -